Christian's Reviews > The Great Wave: Price Revolutions and the Rhythm of History

The Great Wave by David Hackett Fischer
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's review
Dec 05, 11

it was amazing

A really interesting take on long periods of boom followed by periods of collapse or at least social upheaval. Fisher does a remarkable job of breathing life into the otherwise musty history of price inflation. He's not talking about brief periods of double digit inflation that have cropped up in the 20th century (like the US in the 1970's or Argentina in the 1990's). He describes decades long periods where price inflation became the norm. So much so that generations never thought life could be any other way. In many ways these periods are unusual for their societal stability. It's the periods of price collapse that really transform societies (think plague riddled Europe in the 14th century or the French Revolution). For anyone on the Ron Paul train or ECB-ers that think inflation is the scariest thing on the horizon you should reevaluate the very real downside risk of a bond market collapse.

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